ADMS 3520 Chapter Notes - Chapter 2: Fasttrack, Fide, General Ledger

• School: York University
• Department: Administrative Studies
• Course: ADMS 3520
• Professor: Thaddeus Hwong

Document Summary

Ita 150(1) requires all persons (individual, corp, trust) to file tax return: 2 alternatives for electronic filing, netfile file own personal income tax return directly to cra online through. Instalment payments for individuals ita 156: quarterly payments required if individual has large amounts of income not subject to withholding, no instalments required if. Individua"s net tax owing for particular year (or each of 2 preceding taxation year) not exceed individuals instalment threshold for that year: net tax owing = total federal/provincial tax owing exceeds all tax withheld for that year. Individual"s instalment threshold is defined as 3000$ in ita 156: different in quebec. It"s 1800: pay instalment if net tax owing exceeds 3000$ in current or preceding. 2 years: due dates for individuals, quarterly payments due on. April 30 or june 15 of current year: alternative 3 avoids any assessment of interest. Instalment reminder is not necessarily the best answer: alternative 1 might"ve been better in certain situations.